BofA cuts PT on some farm equipment makers
ReutersApr 14, 2025 5:59 PM
BofA Global Research cuts PT on some farm equipment makers' shares including Deere DE.N, CNH Industrial CNH.N and AGCO AGCO.N
Brokerage says it reduces estimates and PTs for agricultural equipment OEMs to "reflect a more cautious view of decrementals and the production cycle"
Says it holds no "buy" ratings given concern that equipment purchasing is likely to remain constrained
Company | New PT | Old PT | Rating |
Deere | $495 | $500 | "neutral" |
CNH | $12.50 | $14 | "neutral" |
AGCO | $87.50 | $100 | "neutral" |
Including session's moves, S&P 400 Agricultural & Farm Machinery sub index .SPMDCAGFM down 5.5% YTD
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